Tron price is showing positive signs above $0.080 against the US dollar. TRX is outperforming Bitcoin and could rise again towards $0.10.
- Tron is moving higher above the $0.0800 pivot level against the US dollar.
- The price is trading above USD 0.080 and the 100 simple moving average (4 hours).
- A connecting bullish trendline is forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.085 or even $0.095.
Tron price continues to rise
In the last Tron price analysis, we discussed the chances of more gains in TRX against the US dollar. TRX formed a base above the $0.0770 level and started rising again.
There was a clear move above the USD 0.080 resistance zone, outperforming Bitcoin. The price even reached the level of $0.082. A high is formed near $0.0828 and the price is now correcting gains below the 23.6% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0828 high.
TRX is now trading above USD 0.080 and the 100 simple moving average (4 hours). A connecting bullish trendline is also forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, initial resistance is around the $0.0815 level. The first major resistance is near USD 0.0828, above which the price could accelerate higher. The next resistance is near $0.085. A close above the $0.085 resistance could send TRX further higher. The next major resistance is near the $0.092 level, above which bulls are likely to target a bigger rise towards the key $0.10 zone in the coming days.
Are dips supported in TRX?
If the TRX price fails to clear the USD 0.0815 resistance, it could slowly decline. The initial downside support is near the $0.080 zone. The first major support is near the $0.0792 level or the 61.8% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0828 high.
The next support is near $0.0780 or the trendline, below which the price could accelerate lower. The next major support is at USD 0.0755.
Technical indicators
4-hour MACD – The MACD for TRX/USD is losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major support levels – $0.080, $0.0792 and $0.0780.
Major resistance levels – $0.0815, $0.0828 and $0.092.